In Minnesota today, President Joe Biden repeated a claim that the “average tax” for billionaires is “about 3%.' That figure is incorrect.
ProPublica found that they paid taxes amounting to 3.4% of their gain in wealth. Research shows the employer mandate in the House health reform bill would"place millions 'at substantial risk of unemployment' — with minority workers losing their jobs at twice the rate of their white counterparts."At the same time, ProPublica found that the actual tax rate these 25 billionaires paid under current law is 16%.Biden’s invocation of teachers and firefighters ignores that 43.
Households with adjusted gross incomes from $50,000 to $100,000 paid an effective tax rate ranging from 5% to 15%,Some of those households even paid an effective overall rate below 5%, or paid nothing at all or got money back from the government. "Higher earners can borrow on their unrealized gains for consumption, and then avoid taxes at death when passing along those assets," said Garrett Watson, senior policy analyst with the Tax Foundation, a Washington D.C.-based think tank. This"" strategy allows the very richest Americans to avoid a large share of taxes they might otherwise have to pay.
The super-wealthy own many assets with fluctuating and sometimes difficult-to-determine values, and creating and verifying these values for them annually would be a burden both for the taxpayer and for the government. In addition the courts may view this as a"direct tax," which must be apportioned among the states according to their population; this might be impossible, since in some states, there may be no billionaires.
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